Pair Correlation Between Gatecoin Bitcoin and Yobit Bitcoin

This module allows you to analyze existing cross correlation between Gatecoin Bitcoin USD and Yobit Bitcoin USD. You can compare the effects of market volatilities on Gatecoin Bitcoin and Yobit Bitcoin and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Gatecoin Bitcoin with a short position of Yobit Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of Gatecoin Bitcoin and Yobit Bitcoin.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Gatecoin Bitcoin USD  vs   Yobit Bitcoin USD

Gatecoin

Bitcoin on Gatecoin in USD
 17,534 
638  3.78%
Market Cap: 167.8 B
 246 

Yobit

Bitcoin on Yobit in USD
 17,288 
548  3.27%
Market Cap: 252 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gatecoin Bitcoin is expected to generate 1.09 times less return on investment than Yobit Bitcoin. But when comparing it to its historical volatility, Gatecoin Bitcoin USD is 1.13 times less risky than Yobit Bitcoin. It trades about 0.38 of its potential returns per unit of risk. Yobit Bitcoin USD is currently generating about 0.36 of returns per unit of risk over similar time horizon. If you would invest  777,778  in Yobit Bitcoin USD on November 15, 2017 and sell it today you would earn a total of  951,022  from holding Yobit Bitcoin USD or generate 122.27% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Gatecoin Bitcoin and Yobit Bitcoin
0.97

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Gatecoin Bitcoin USD and Yobit Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Bitcoin USD and Gatecoin Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Gatecoin Bitcoin USD are associated (or correlated) with Yobit Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Bitcoin USD has no effect on the direction of Gatecoin Bitcoin i.e. Gatecoin Bitcoin and Yobit Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Gatecoin Bitcoin USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gatecoin Bitcoin USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.

Yobit Bitcoin USD

  
23 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Bitcoin USD are ranked lower than 23 (%) of all global equities and portfolios over the last 30 days.